Employer Demand for Health Benefits Insights Fuels Springbuk's Record Year in Customer Growth

INDIANAPOLIS, Jan. 26, 2021 /PRNewswire/ -- Springbuk, a health data analytics software company whose mission is to "prevent disease with data™," announced remarkable growth metrics in 2020 as it worked with a record number of employers and brokers in providing health and benefits insights that enable faster decisions, real-time changes, and better health benefits plans.

In 2020, Springbuk added over 1,000 new customers, including a significant number of enterprise employers — growth that shatters previous years' gains.

"We saw an increased demand for Springbuk's Health Intelligence™ platform as employers urgently needed data-informed insights to adapt to market chaos and uncertainty in planning for 2021 and beyond," said Rod Reasen, CEO of Springbuk. "We continued to invest in the depth and breadth of our application around data science to deliver actionable insights within our platform, solving the largest needs of our customers."

Not only is Springbuk growing at a torrid pace, but it also boasted a 96% retention rate of business in 2020 — in a year when many other technology solutions struggled in the economic downturn.

As Springbuk continues to grow its customer base, the amount of insights increases with the sheer volume of health data being brought into its platform — which is used to evaluate employee population health, health plan effectiveness, and efficacy of third-party solutions to guide data-informed employee benefit decisions. Springbuk's platform is consuming over 10,000 data files monthly from over 350 health plans, PBMs, and other employee benefits vendors.

"We know HR and business leaders are trying to innovate and make better decisions for the health of their employees and to find the best value in doing so," Reasen said. "Springbuk is putting the data and insights into the hands of decision-makers faster, providing the needed direction that's often missing, and giving them greater confidence than ever in their future."

While the growth in clients and subsequent data into its Health Intelligence platform has fueled company growth, Springbuk continues to innovate and bring new product features to market. In 2020, Springbuk:

• Released over 30 proprietary Springbuk Insights™ to provide timely, reliable, and actionable insights into cost-saving opportunities for diseases and across all employees or segments.
• Introduced Springbuk Answers™ — a first-of-its-kind self-service tool leveraging natural language processing for real-time search queries, based on what users need most when responding to timely events.
• Anchored the intuitive Springbuk Timeline™ as the go-to tool to address employers' need to evaluate the clinical impact and financial savings of benefits programs.
• Fueled innovation through customer input, adding 89 new features from Springbuk's Idea Portal, one-third of which were based on customer suggestions.
• Enhanced analytics and visual reports for employers to efficiently drive deep understanding and improvements.

Springbuk, more than doubling its client base in the past two years, boasts some of the world's largest and most respected household brands in the world and added three of its largest five deals ever in 2020. Springbuk plans to announce new enterprise deals in the coming months.

"We are proud of our team and the growth we've experienced amid a very difficult year," Reasen said. "But when you have a great team, superior technology, and a mission like ours — to Prevent Disease With Data — it's easy to understand why there is so much growing demand for what we bring to the market."

About Springbuk
Imagine a world where every healthcare decision is backed and guided by data. Springbuk is the health data analytics solution that equips you with the insights and expertise you need to sharpen your benefits strategy, advance employee health, and contain costs. Unlike legacy data warehouses, we simplify data-driven decision-making with an intuitive user experience, predictive modeling, and curated action steps. Springbuk — a world of actionable health intelligence insight, at your fingertips. Visit springbuk.com to learn more.

SOURCE Springbuk

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